The 'Goods and Services Tax' on yachts and aircraft is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on yachts and aircraft is:

A. 5%

B. 12%

C. 18%

D. 28% plus cess

Answer: Option D

Solution (By JKSSB Mock Tests)

Yachts and aircraft attract 28% GST plus cess.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Tea Board of India' is headquartered in:

A. Mumbai

B. Kolkata

C. Chennai

D. Delhi

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Correct Answer: Option B

Explanation:
The Tea Board of India is headquartered in Kolkata.

This question belongs to: Economy GK Economy Set 1

Question #2

GDP at market prices equals GDP at factor cost:

A. plus indirect taxes minus subsidies

B. plus indirect taxes plus subsidies

C. minus indirect taxes plus subsidies

D. minus indirect taxes minus subsidies

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Correct Answer: Option A

Explanation:
GDP at market prices = GDP at factor cost + indirect taxes - subsidies.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Precautionary Saving' arises because:

A. Individuals save only for retirement

B. Saving is independent of uncertainty

C. Only permanent income matters

D. Individuals save more when future income is uncertain

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Correct Answer: Option D

Explanation:
Precautionary saving is additional saving undertaken by risk-averse agents to buffer against future income or expenditure uncertainty.

This question belongs to: Economy GK Economy Set 1

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